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RealTime IT News

Acquisitions Abound as Net Stocks Inch Upward

Internet stocks were just barely treading water in mid-day trading. Incubators and business-to-business issues remained hot as a number of acquisitions were announced.

At 12:00 p.m. Eastern, internet.com's Internet Stock Index was up 2.62, or 0.28 percent, to 930.69, the Nasdaq Composite had gained 6.38 to 4401.83, and the Dow Jones industrial average was up 108.90 to 10534.11.

Among the leaders, Cisco Systems Inc. (CSCO) was off 1 to 129-15/16, Doubleclick Inc. (DCLK) was up 2 to 113-1/8, eBay Inc. (EBAY) was inching 1/8 higher to 153-1/2 and Yahoo! Inc. (YHOO) had lost 2-3/4 to 168-5/8.

CMGI (CMGI) announced it will acquire Tallan, an online transaction processor, in a deal valued at approximately $920 million. Shares were trading 2-3/4 higher to 114-13/16.

Internet Capital Group (ICGE) announced it has acquired a $33 million stake in TALPX Inc, a company that offers electronic trading to the North American lumber and panel industry. Shares of ICGE were gaining 1/8 to 122.

CNET (CNET) had jumped 2-9/16 to 52-3/8 after WR Hambrecht initiated coverage with a "market perform" and $100 price target.

Chemdex (CMDX) was up 3/16 to 125-3/16 after Morgan Stanley started coverage Monday with an "outperform."

WebMethods Inc. (WEBM) had lost 10-1/4 to 202-3/8 after a 500 percent rally in its public debut Friday.


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